WVC 33 - 15 E- 12
§33-15E-12. Annual reports.
(a) If the information required in subsection (b) of this
section is not provided at the time of renewal of a license under
section four of this article, a discount medical plan organization
shall file an annual report with the commissioner in the form
prescribed by the commissioner, within three months after the end
of each fiscal year.

(b) The report shall include:

(1) Audited financial statements prepared in accordance with
generally accepted accounting principals certified by an
independent certified public accountant, including the
organization's balance sheet, income statement and statement of
changes in cash flow for the preceding year, except that, subject
to the approval of the commissioner, an organization that is an
affiliate of a parent entity that is publicly traded and that
prepares audited financial statements reflecting the consolidated
operations of the parent entity may instead submit the audited
financial statements of the parent entity and a written guaranty
that the minimum capital requirements required under section five
of this article will be met by the parent entity;

(2) Any changes in the list of names and residence addresses
of all persons responsible for the conduct of the organization's
affairs, together with a disclosure of the extent and nature of any
contracts or arrangements with these persons and the discount
medical plan organization, including any possible conflicts of interest;

(3) The number of discount medical plan members in the state;
and

(4) Any other information relating to the performance of the
discount medical plan organization that may be required by the
commissioner.

(c) Any discount medical plan organization that fails to file
an annual report in the form and within the time required by this
section may be fined up to five hundred dollars per day for the
first ten days during which the violation continues and up to one
thousand dollars per day after the first ten days during which the
violation continues. The commissioner may also suspend the
organization's authority to enroll new members or to do business in
this state while the violation continues.

Note: WV Code updated with legislation passed through the 2015 Regular Session
The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.